Has your company or organization obtained a SOC 1 report? If not, the first important step is to obtain a readiness assessment, or diagnostic, from a qualified public accounting firm.
This first step is critical in identifying potential gap areas or improvements in order for a service organization to meet the standards and requirements for a SOC 1, 2 or 3 audit under the SSAE 18 standard. A service organization can evaluate the results of a readiness assessment and come up with implementation or remediation plans to resolve the gaps identified. It’s likely that a period of 6-12 months would need to pass following remediation, for a company to be in a position to go through a Type II SOC assessment.
By fixing and resolving the gaps in advance, and service organization would have a better chance with obtaining an unqualified opinion. On the contrary, if a sub service organization were to obtain a qualified opinion, customers may lose confidence with the way transactions are processed by the subservice organization.
By choosing to go through a readiness assessment for your organization, your are on the best pathway to obtaining an unqualified SOC 1 report.